The founder of the company was sentenced to four months in prison

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Changpeng Zhao, the billionaire founder of the giant cryptocurrency exchange Binance, was sentenced on Tuesday to four months in prison, a much lighter penalty than other crypto executives have faced since the industry imploded in 2022.
Mr. Zhao pleaded guilty last year to a money-laundering violation, acknowledging that his company allowed terrorist groups and other criminals to have access to its platform.
Defense lawyers asked for probation without any prison time, while prosecutors requested a three-year sentence, calling it an “unprecedented” crime.
“Your conduct does not warrant a 36-month sentence,” Judge Jones said.
He called Mr. Zhao “a dedicated family man and a giving person” and praised his “staggering accomplishment” in building Binance.
Wearing a dark suit and light blue tie, Mr. Zhao, 47, did not visibly react as the sentence was announced.
“I failed here,” Mr. Zhao said in brief remarks to the court.
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The billionaire creator of the massive cryptocurrency exchange Binance, Changpeng Zhao, was given a four-month prison sentence on Tuesday. This is a far lighter sentence than other cryptocurrency executives have received since the collapse of the industry in 2022.

Mr. Zhao admitted that his business gave terrorist organizations and other criminals access to its platform when he entered a guilty plea to a money-laundering charge last year. While the prosecution sought a three-year sentence, citing the crime as “unprecedented,” the defense attorneys asked for probation instead of any jail time.

However, Judge Richard A. Jones, the case manager in the U.S. S. District Court in Seattle stated during a Tuesday court hearing that Mr. Zhao had accepted responsibility for his transgressions and was not likely to break the law once more.

Judge Jones ruled, “Your conduct does not warrant a 36-month sentence.”. He hailed Mr. Zhao for his “staggering accomplishment” in founding Binance and referred to him as “a dedicated family man and a giving person.”.

Mr. Zhao, 47, did not appear to react when the sentence was announced. He was dressed in a dark suit and a light blue tie. However, during Judge Jones’s remarks, he gave a forceful nod and put his hand to his heart.

In his succinct remarks to the court, Mr. Zhao stated, “I failed here.”. “I apologize and I sincerely regret my failure. “.

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